Investment Rating - The report maintains a positive outlook on the company, suggesting active monitoring of its performance as it emerges from a low point in its financial cycle [4]. Core Insights - Harmonic Drive Systems Inc. (HDSI) is a leading company in the field of motion control, specializing in harmonic drive gear systems known for their lightweight, compact size, and high torque capacity. The company has a long history dating back to the 1950s and continues to innovate with new products aimed at various applications, including humanoid robots and aerospace [4]. - The company's revenue for the fiscal year ending March 31, 2024, is projected to be 55.8 billion JPY, with approximately 70% coming from gear sales. Despite facing a significant asset impairment loss of 28.4 billion JPY, the company aims for a target of 90 billion JPY in revenue by fiscal year 2026, with an operating profit margin of 15% [4]. - The robotics segment is the largest contributor to the company's revenue, with expectations of a stable growth rate of 4% CAGR in the industrial robot sector. The Chinese robotics market is experiencing rapid growth, with sales increasing from 140,000 units in 2019 to 277,000 units in 2023. The company has significantly increased its supply of gear systems to the local robotics market in China [4]. Summary by Sections Company Overview - Harmonic Drive Systems Inc. is recognized as a global leader in the gear sector, with a diverse product range and a strong market presence in Japan, North America, and Europe [4]. Financial Performance - The company reported a revenue of 55.8 billion JPY for the fiscal year 2024, with a gross margin of approximately 28%. The company is recovering from a low point, with a positive trend in order data indicating a gradual increase in revenue [4]. Market Dynamics - The company’s revenue composition for fiscal year 2024 includes 31% from robotics, 23% from automotive, and 15% from semiconductors. The Chinese market is expected to see a substantial increase in demand for the company's products, with a 129.4% year-on-year growth in orders from China for the first three quarters of fiscal year 2025 [4][11].

分析师：季贤东 S0190522100003 jixiandong@xyzq.com.cn 请阅读最后评级说明和重要声明 1/25 ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ | | 4 | | 4 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 5 | | 6 | | | | | 2025 | | 7 | 250210-250214 | | 9 | | | | 10 | 250210-250214 | | 10 | | | | + | 250210-250214 | | 12 | 250210-250214 | | 15 | | 250210-250214 | | 17 | | 21 | | | | | 24 | | | | | | 行业周报 | 建筑材料 证券研究报告 | 行业评级 | | 推荐（维持） | | | --- | --- | --- | --- | | 报告日期 | 2025 | 02 | 24 | 相关研究 -2024.12.29 -2024.12.24 -2024.12.15 | 1 | | 9 | | --- | --- | --- ...

行业周报 | 家用电器 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 03 月 09 日 相关研究 【兴证家电】终端动销回暖，底部布局 白电黑电年报一季报行情-2025.03.02 【兴证家电】1 月产业在线空调数据点 评：春节扰动内销出货，外销延续较快 增长-2025.02.23 【兴证家电】石头机械手新品 G30 SPACE 国内预售开启，关注后续扫地机 终端动销-2025.02.16 分析师：颜晓晴 S0190521020002 yanxiaoqing@xyzq.com.cn 分析师：苏子杰 S0190522070005 suzijie@xyzq.com.cn 分析师：王雨晴 S0190523070007 wangyuqing@xyzq.com.cn 研究助理：周庆 zhouqing@xyzq.com.cn 静待白马年报一季报行情 投资要点： 1）继续首推黑电板块，推荐 24Q4 经营&业绩拐点确立的黑电龙头海信视像，关注内需 受以旧换新拉动弹性大+出口中长期海外份额提升的 TCL 电子； 2）推荐内外销共振基本面扎实+优质红利资产属性的白电龙头海尔智家、格力电器、海 信家电、美的集团； ...

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The report continues to favor the black appliance sector, recommending Hisense Visual as a leading player with established operational and performance turning points in Q4 2024, and highlights TCL Electronics for its strong domestic demand driven by trade-in programs and long-term overseas market share growth [2][21] - The report also recommends leading white appliance companies such as Haier Smart Home, Gree Electric, Hisense Home Appliances, and Midea Group, which have solid fundamentals and attractive dividend attributes [2][21] - Attention is drawn to the sales performance of new robotic vacuum models from Stone Technology and Ecovacs in March 2025 [2][21] Summary by Sections Important Price Tracking - Copper prices increased by 0.89% to an average of 77,662 CNY/ton, while aluminum prices rose by 0.72% to 20,688 CNY/ton. ABS prices decreased by 0.95% to 11,450 CNY/ton, and hot-rolled coil prices fell by 0.58% to 3,639 CNY/ton [5][6] - Panel prices saw a rise, with global average prices for 65", 55", 43", and 32" panels at 177 USD, 127 USD, 66 USD, and 36 USD respectively, reflecting increases of 0.57%, 0.79%, 1.54%, and 1.41% [6] - The CCFI composite index, European index, and US West Coast index decreased by 3.16%, 5.42%, and 3.50% respectively [10][12] Investment Suggestions - The report suggests continuing to focus on domestic demand driven by national subsidies and high dividend stocks [21] - It emphasizes the importance of monitoring the sales performance of new products in the robotic vacuum segment [21]

Investment Rating - The industry investment rating is maintained as "Recommended" [2] Core Insights - The report highlights a weak trend in pig prices and a decline in broiler chicken prices, indicating potential challenges in the livestock sector [3][4] - The report provides a detailed analysis of various agricultural commodities, including grains, oils, and livestock, with specific price movements and percentage changes noted [23][24] Market Overview - The report covers the recent market performance of the agricultural sector, noting a decrease of 0.35% in the agricultural index compared to the broader market [13] - Specific stock performances are detailed, with notable declines in companies like Wen's Foodstuffs and Zhengbang Technology, while companies like Juxing Agriculture showed positive growth [13][16] Price Trends - The report details the price trends for various commodities, including: - Domestic corn at 2151.43 CNY/ton, up 1.14% [23] - Domestic pig price at 14.51 CNY/kg, down 0.96% [24] - Broiler chicken price at 3.40 CNY/500g, up 9.68% [24] - The report also notes the price of domestic soybeans at 3950.00 CNY/ton, unchanged [23] Valuation Levels - The report provides valuation metrics, with TTM (Trailing Twelve Months) PE ratios noted at 22.41 for the agricultural sector and 11.39 for the broader market [16] Important Announcements - Key announcements from the industry include significant price changes and market performance metrics for various agricultural products, reflecting the current economic conditions [21]

相关研究 -2025.02.23 -2025.02.17 行业周报 | 农林牧渔 证券研究报告 | 行业评级 | | 推荐（维持） | | | --- | --- | --- | --- | | 报告日期 | 2025 | 03 | 10 | -2025.02.09 分析师：纪宇泽 S0190522080004 jiyuze@xyzq.com.cn 分析师：曹心蕊 S0190521050002 caoxinrui@xyzq.com.cn 分析师：潘江滢 S0190524060001 panjiangying@xyzq.com.cn 农林牧渔 猪价偏弱运行，毛鸡价格下跌 投资要点： 请阅读最后评级说明和重要声明 1/17 ⚫ 300 1 300 1.39% 1.04% 31 20 2 -1.10% 0.58% 0.39% 3.01% 1.36% 0.98% 0.74% 20250303-20250307 ⚫ 1 3 7 14.51/kg -0.96% 2 3 7 3.4 / +9.68% 3.0 / +7.14% 20250303-20250307 ⚫ CPI: 2 CPI 2 2 2 2 2 2 2 2 ⚫ ...

证券研究报告 | 海外宏观 【兴证宏观 | 经济脉搏】海外周报 2025.03.03-2025.03.09 当欧洲开始扩支 分 析 师：.段 超（S0190516070004） 卓 泓（S0190519070002） 研究助理：王祉凝 报告日期：2025年3月9日 美国：衰退担忧略有缓和，数据波动仍大。 欧元区：宽财政预期推动欧元上涨。 日本：副行长暗示3月或不加息，但工会寻求大幅加薪提振日元。日本央行副行长内田真一发言表示，一般央行不会连续两次会议加息的行动，暗 示接下来的货币政策会议（3月19日）可能不加息。从基本面来看，日本工会总联合会（Rengo）周四宣布，其名下2399个成员工会在今年"春斗" 劳资谈判中要求的工资增速加权平均值为6.09%，30年来首次超6%；其中小型工会要求平均工资增长 6.57%，超过了Rengo为小型工会设定的6% 目标。若后续工资谈判落地结果乐观，或将提振市场加息预期、推升日元等资产表现。 英国：多位官员放鹰。英国央行行长贝利和委员会成员Mann、Greene均放鹰，提示未来通胀风险或需要货币政策维持限制性。 风险提示：通胀持续性超预期，全球货币政策收紧超预期，海外经济下行 ...

行业跟踪报告 | 电子 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 03 月 10 日 相关研究 【兴证电子】半导体设备皇冠上的明 珠，自主可控大势所趋—光刻机行业深 度报告-2025.03.04 【兴证电子】周报：国补点燃中国智能 手机市场，看好端侧 AI 硬件创新浪潮和 国产算力需求-2025.03.02 ⚫ 比亚迪开创全面智驾时代。比亚迪于 2025 年 2 月 10 日晚在深圳总部召开智能化战略 发布会，开创全民智驾时代。比亚迪在发布会宣布全系车型搭载天神之眼高阶智驾，将 实现 10 万级以上车型全系标配，10 万级以下车型多数搭载。发布会上展示"天神之眼 C"全球独创"前视三目"5R12V12U 方案。比亚迪有望带动各个车厂自动驾驶进展迅 速。比亚迪宣布未来将投入 1000 亿元研发资金，全面升级智驾技术，全系标配高阶智 驾，推动智驾平价。首批 21 款车型覆盖 20 万级至 10 万以下价格带，助力高级智驾首 次下探至最低 7 万级市场。 ⚫ 智驾带来车载摄像头数量、像素双增量。车载摄像头是 ADAS 系统（高级驾驶辅助系 统）、汽车自动驾驶的核心传感设备。伴随自动驾驶等级持续提 ...

| 报告日期 | 2025 年 03 月 10 日 | | --- | --- | | 行业评级 | 推荐（维持） | | റ്റി | | --- | 相关研究 行业周报 | 银行 证券研究报告 分析师：王尘 S0190520060001 wangchenyjy@xyzq.com.cn 分析师：曹欣童 S0190522060001 caoxintong@xyzq.com.cn 研究助理：陶明婧 taomingjing@xyzq.com.cn 【兴证银行】经济政策目标积极，大行 拟注资 5000 亿元 ——银行业周报 （2025.03.03-2025.03.07）-2025.03.08 【兴证银行】如何理解银行同业存单备 案额度显著增长-2025.03.07 【兴证银行】险资持续举牌银行，长期 配置价值凸显 ——银行业周报 （2025.02.24-2025.03.02）-2025.03.03 分析师：陈绍兴 S0190517070003 chenshaox@xyzq.com.cn 理财规模微增，业绩比较基准下行 风险提示：银行资产质量超预期恶化，监管政策超预期变化 请阅读最后评级说明和重要声明 1/13 —— ...

| 行业评级 | 推荐(维持) | | --- | --- | | 报告日期 | 2025 年 03 月 10 日 | 行业周报 | 钢铁 证券研究报告 相关研究 【兴证金属】钢铁：钢价震荡等待方向， 关注两会政策释放力度-2025.03.02 【兴证金属】钢铁：宏观预期定价上行驱 动，需求修复博弈弹性-2025.02.23 【兴证金属】钢铁：短期利好兑现，关注 旺季需求成色-2025.02.17 S0190518030002 行业评级 推荐（维持） 报告日期 2025 年 03 月 10 日 酵 投资要点： 两会政策符合预期，供给侧政策或徐徐展开，继续推荐钢铁板块的投资机会 分析师：蔡屹 caiyi@xyzq.com.cn 供给侧政策或徐徐展开，板块行情有望持续发 本期市场对两会政策预期的博弈逐步降温，随着对钢铁供给端限产的传闻持续发酵，铁矿 价格中枢快速下移，带动成材成本端支撑走弱，矿价跌幅相对成材而言更大。从需求端看， 本期螺纹钢表观需求为 220.4 万吨，需求恢复斜率有所放缓，但钢材库存整体仍然处于绝 对低位，并有所去库。我们此前判断，本轮需求回升力度偏慢不仅有其自身需求偏弱的原 因，还有节奏进度的 ...